The development of its Arctic offshore oil and gas resources remains one of Russia’s strategic priorities, both in terms of ensuring national energy security and cementing its presence in the region. As existing fields in West Siberia mature and become less productive, Russia needs to bring new sources on stream, with these being primarily located in the country’s Arctic region, including its continental shelf, even though this presents considerable challenges to the industry. Some steps have already been taken to initiate and encourage this development, such as the process of adoption of a federal law liberalizing continental shelf access for private oil and gas companies and ongoing domestic development of offshore technologies that can be applied in the Arctic. This article analyses Russia’s contemporary strategies in the energy sector in terms of future offshore oil and gas development in the Arctic. It provides relevant updates on Arctic offshore oil and gas activities in Russia since 2014, illustrates the challenges Russian companies face in operating in this region, and outlines commercial agreements underlying long-term Arctic offshore interests. This analysis also helps to better understand future risk-sharing strategies for the Russian oil and gas companies in the Arctic that will need to be developed.